Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Fintech»Synapse BaaS Platform Slated for Bankruptcy Sale
    Fintech

    Synapse BaaS Platform Slated for Bankruptcy Sale

    October 27, 20243 Mins Read


     The assets of bankrupt Banking-as-a-Service (BaaS) provider Synapse are going up for sale next month.

    B Riley Advisory Services, the group handling the sale, announced Friday (Oct. 25) a pair of deadlines for interest bidders: Nov. 4, 4 p.m. PT for initial indications of interest, and Nov. 11, 4 p.m. PT, for initial bids.

    Up for sale are Synapse’s BaaS platform and intellectual property, as well as equity interests in the company’s subsidiaries, Synapse Credit and Synapse Brokerage, plus other assets as determined by the company’s bankruptcy trustee.

    According to a news release, Synapse’s Fall 2023 literature showed that its platform served around 120 FinTech customers, had 2 million active users, $60 billion in annualized money movements and $3 billion in card-based spending.

    Synapse, a middleware firm whose services let other businesses embed banking services into their offerings, collapsed earlier this year, sending shockwaves through the FinTech world.

    As reported here, the company’s troubles began — or at least came to light — when Synapse’s biggest customer, Mercury, chose to work directly with Evolve Bank & Trust, Synapse’s core banking partner, thus eliminating the need for Synapse as an intermediary.

    “That set off a chain of events, few of them good, for Synapse’s other clients who relied on the FinTech provider as their connective tissue,” PYMNTS wrote.

    As covered here in May, this sort of collapse can present some difficulties at a time when — per PYMNTS Intelligence research — 65% of banks and credit unions have launched at least one FinTech partnership in the past three years, with 76% of banks seeing such collaborations as essential to meeting customer expectations. 

    “With complex ecosystems, you have a higher number of partners than you may have historically had” in the past,  Larson McNeil, co-head of marketplaces and digital ecosystems at J.P. Morgan Payments, said in an interview with PYMNTS. 

    McNeil added, “you’ve got to understand your industry and the various players in the ecosystem — and as complexity increases, you’ve got to understand the risk and the opportunities that this creates for the business.”

    Meanwhile, Evolve announced last week that it expects to begin returning funds it holds to Synapse Brokerage end users affected by the Synapse bankruptcy in November.

    The company has launched a website that provides these end users information about the reconciliation process and the process to disburse end user balances held by Evolve since  Synapse declared bankruptcy. Customers will be notified via email about the next steps in the process on Nov. 4.

    See More In: Baas, banking, Banking-as-a-Service, bankrutpcy, Connected Economy, Editor’s Picks, evolve, Evolve Bank & Trust, FinTech, News, Open Banking, PYMNTS News, Synapse, Synapse bankruptcy, Synapse Financial Technologies, What’s Hot



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Revolut, la fintech britannique, en discussions pour une levée de fonds à une valorisation de 65 milliards de dollars, selon le FT

    Fintech

    Cauri Money entre sur le marché camerounais du paiement numérique

    Fintech

    Catalyst Partners finalise deux acquisitions dans la fintech et les services non bancaires

    Fintech

    Enedger couple l’IA à la blockchain pour réduire la fraude à la rénovation

    Fintech

    La fintech brésilienne XP poursuit le vendeur à découvert Grizzly Research à New York pour diffamation

    Fintech

    Deux ans après sa levée de fonds, Dougs est en pleine croissance

    Fintech
    Leave A Reply Cancel Reply

    Top Picks
    Precious Metal

    Artificial Intelligence Is Sparking a Copper Boom in Zambia

    Commodities

    China’s commodity import trend driven by prices, not economy: Russell

    Precious Metal

    Gold Reaches Unprecedented Highs Amid Global Uncertainty

    Editors Picks

    5 ways cryptocurrency could narrow the racial wealth gap

    March 29, 2025

    The Secret Retirement Weapon: Why the Wealthy Are Quietly Turning to Art—And the “Shadow Trust” Portfolio Behind London’s Hottest Gallery

    March 22, 2025

    Quand Philippe Katerine se prête au jeu pour démocratiser les agents immobiliers

    May 27, 2025

    Foreign Investors Shying Away From China’s Commercial Property Market

    August 6, 2024
    What's Hot

    Latest incredible Omaze mansion worth £4.5m used to be UK’s most expensive council house

    March 21, 2025

    Russia challenges US dominance with new cryptocurrency exchanges

    August 27, 2024

    Central bankers say mBridge multi-country digital currency platform is worth the effort

    October 23, 2024
    Our Picks

    Cryptocurrency Adoption in Casinos Revolutionizes Payment Methods

    October 14, 2024

    How India is Taming the Digital Asset Beast

    February 25, 2025

    Arab Real Estate Investment : bénéfice de 5,8 millions de livres égyptiennes pour l’exercice

    April 29, 2025
    Weekly Top

    Why China’s jewellery giants are selling less amid a precious metal boom 

    July 9, 2025

    SBP plans pilot for digital currency – Newspaper

    July 9, 2025

    Cryptocurrency News Live: Bitcoin, Ethereum, Solana prices today; memecoin updates

    July 9, 2025
    Editor's Pick

    NCDEX plans foray into equity & derivatives with Rs 400-600 crore investment: Report – Commodities News

    February 12, 2025

    Covestor Ltd Sells 128 Shares of Southern Copper Co. (NYSE:SCCO)

    July 27, 2024

    Data Trends and the Power of Fintech: Alexis Asks

    August 20, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.